The performance was in line with expectations. According to the company's announcement, in 2016, it achieved operating income of 692 million yuan, an increase of 24.43% over the previous year; net profit was 38,4847 million yuan, an increase of 55.08% over the previous year. Net profit is expected to be 58.66 million to 85.32 million yuan from January to September 2016, an increase of 10%-60% over the previous year. Operating cash flow has improved markedly. In the first half of 2016, the amount of cash flow generated by the company's operating activities was 109 million yuan, an increase of 372.27% over the previous year, and the operating cash flow improved markedly. Furthermore, the company's business structure has been improved and optimized, and the traditional stationery business has shown a trend of improving operating efficiency, with gross margin rising 4.63 percentage points over the same period last year; through mergers and acquisitions and shareholding, the company's Internet and cross-border e-commerce revenue has reached 43%. The outreach strategy continues to advance. In 2014, the company acquired Lingyun Media to seize the Internet traffic portal; in May 2015, the company established Global Shopping to enter the cross-border e-commerce field; in July 2015, the company participated in Boyuan Technology to lay out e-commerce solutions; in January 2016, it entered the field of cross-border payment and settlement services and participated in Huiyuantong, a company connecting innovative payment services at home and abroad. Through extension, the company has basically created a complete Internet-based cross-border service industry chain layout. In the future, by leveraging the synergistic effects of various modules, it will provide one-stop traffic import, e-commerce management, and payment settlement services. Investment advice: Through extended mergers and acquisitions, the company's business structure has been improved and optimized, and operating cash flow has improved markedly. It is expected that the layout of all links in the company's cross-border service industry chain will exert synergy and achieve business upgrading through subsequent integration. The company's EPS for 16-17 is expected to be 0.32 yuan and 0.42 yuan respectively, maintaining the buy-A rating, and the target price for 6 months is 26 yuan. Risk warning: The development of the cross-border payment industry falls short of expectations.